Ethereum surges 14% in two days as cryptocurrencies rebound
Most cryptocurrencies rallied on Wednesday as the risk appetite improved in global markets as the trade tensions calmed down.
The strong gains came after a report by the Wall Street Journal about Trump’s plans to reduce tariffs on China from upwards of 245% to just 50%.
Trump admitted on Tuesday that current tariffs on China are too high and won’t stay this way and will be reduced soon, but won’t reach zero.
In another statement that calmed the markets, Trump said he doesn’t intend to fire Fed Chair Jerome Powell, asserting he’ll let him complete his term until May 2026.
It comes after a series of heavy Trump attacks on Powell, describing him as a big loser and demanding he cuts interest rates immediately.
Earlier US data showed the combined PMI down to 51.2 in April from March’s 53.5, the lowest in 16 months.
The services PMI fell to 51.4 this month from 54.4 in March, below estimates of 52.8.
Ethereum
On trading, ethereum rallied 5.5% on Coinmarketcap as of 19:51 GMT to $1781.7, raising the currency’s two-day profit to 14%.
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Oil prices drop after reports about OPEC+ production hike plans
Oil prices fell on Wednesday after reports that OPEC+ is planning to raise output in June.
Three sources told Reuters that several OPEC+ members will propose a production hike in June for the second month in a row.
Oil prices recently fell to four-year lows in April after the US-China trade war and the unexpected OPEC+ decision to raise output by 411 thousand bpd in May.
Reuters’ report indicated that OPEC+ might raise output by a similar amount once more in June.
Otherwise, the Energy Information Administration reported a buildup of 0.2 million barrels in US crude stocks last week to a total of 443.1 million barrels, while analysts expected a build of 0.6 million barrels..
Gasoline stocks fell by 4.5 million barrels to 229.5 million barrels, as distillate stocks fell by 2.4 million barrels to 106.9 million barrels.
On trading, Brent June futures fell 2% as of 15:05 GMT to $66.1 a barrel.
US crude futures due in June slid 2.2% to $62.3 a barrel.
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US crude inventory buildup slightly less than expected
The Energy Information Administration reported a buildup of 0.2 million barrels in US crude stocks last week to a total of 443.1 million barrels, while analysts expected a build of 0.6 million barrels..
Gasoline stocks fell by 4.5 million barrels to 229.5 million barrels, as distillate stocks fell by 2.4 million barrels to 106.9 million barrels.
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Dow Jones surges over 900 points with NASDAQ rallying 4%
US stock indices rallied on Wednesday as concerns about the trade war calmed down, and following positive statements by US President Donald Trump about Fed Chair Powell.
The strong gains came after a report by the Wall Street Journal about Trump’s plans to reduce tariffs on China from upwards of 245% to just 50%.
Trump admitted on Tuesday that current tariffs on China are too high and won’t stay this way and will be reduced soon, but won’t reach zero.
In another statement that calmed the markets, Trump said he doesn’t intend to fire Fed Chair Jerome Powell, asserting he’ll let him complete his term until May 2026.
It comes after a series of heavy Trump attacks on Powell, describing him as a big loser and demanding he cuts interest rates immediately.
On trading, Dow Jones rallied 2.3% as of 14:21 GMT, or 900 points to 4086 points, while S&P 500 added 2.6%, or 139 points to 5426 points, as NASDAQ surged 3.5% to 16,875 points.
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